Tonal

How it happened

Tonal makes a wall-mounted connected strength-training system and reached a valuation of about $1.9B in a 2021 round backed by investors including Amazon and L Catterton. As the connected-fitness boom cooled, it raised a sharply lower down round (reported around $550-600M, with some marks far lower), cutting its valuation by roughly two-thirds and ending its unicorn status. Glassdoor reviews from the years around the reset described how quickly the pandemic-era expansion reversed — insiders counted repeated layoff rounds that sharply cut headcount, and said the premium, roughly $3,000 system made growth hard to sustain once demand cooled, all amid churning leadership and strategy.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.